The number of buyers who locked in mortgage rates for second homes spiked to 178% year over year in April, according to a report from Redfin.

In Chicago, the median sales price of a single-family home jumped 16% on a year-over-year basis to $303,500, the NAR said, citing its quarterly report. 

Multifamily rents rose nationally in April indicating ongoing recovery from the pandemic, according to the latest Yardi Matrix Multifamily National Report.

The housing market hit records last month as home prices reached an all-time high and homes sold faster than ever. 

Listing keywords associated with families and children, like community pools, nearby parks and cul-de-sacs, led to both faster-than-expected sales and higher premiums.

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan

In 40% of metro areas analyzed, first-quarter home prices hit new peaks or tied previous ones, according to ATTOM Data Solutions’ first-quarter 2021 U.S. Home Sales Report.

To update you on all the exciting new changes in the luxury market, we went directly to the source: luxury brokers. With much candor, they reveal how the market held up this past year, the types of properties that are moving, how the city compares to the suburbs, buyers’ evolving needs and their exciting predictions for the post-COVID world.

The Chicagoland luxury market was among the “most robust and diverse high-end property markets in the United States,” according to a new report by Coldwell Banker.

Homes stayed on the market for 17 days less than they did last year, at an average of 34 days.

Nationwide, the seasonally adjusted housing index rose 1.1% month over month in February and 12% year over year, up from monthly and yearly increases of 0.8% and 11.2% in January, respectively.

The boost in inventory shows signs of seasonal norms as supply starts to catch up with demand.

Year over year, the pace of sales was up 66.8% nationwide.

“One year into the coronavirus pandemic, it’s clearer than ever that this event did not dampen the enthusiasm for homeownership at all.” — MORe CEO John Gormley

As the economy slowly recovers from the early days of the pandemic, the share of loans in forbearance dropped for the seventh consecutive week, signifying a 40-basis-point decrease in the last two weeks.

Rent rates nationwide have been decreasing since the onset of the pandemic, but new data shows that in some cities, this could be changing in the near future.